/ -- Professor (Dr.) Partha Dasgupta, Frank Ramsey Professor Emeritus of Economics and Senior Faculty of Economics at Cambridge University while delivering the 3rd lecture in IIMA-SRK Annual Lecture Series, 'Human Well-Being and Economic Accounting', on 10th January 2019 at Ravi J. Mathai Auditorium, IIM, Ahmedabad explored ways to measure the quality of life, a problem pervading a number of academic disciplines, but not confined to the academic realm. Indices of human well-being in current use are insensitive to human dependence on the natural environment, both at a moment in time and across generations. He further narrated, "International discussions on economic development in poor regions frequently ignore the natural resource base." In developing quality-of-life measures, he paid particular attention to the natural environment, illustrating how it can be incorporated, generally, into economic reasoning.
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He showed, "By economic growth we should mean growth in wealth - which is the social worth of an economy's entire set of capital assets - not growth in gross domestic product nor the many ad hoc indicators of human development that have been proposed in recent years. The concept of wealth invites us to extend the notion of capital assets and the idea of investment well beyond conventional usage." He said, "By sustainable development we should mean development in which wealth per head adjusted for its distribution does not decline. This has radical implications for the way national accounts are prepared and interpreted."
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